Indian aluminium stocks witnessed a sharp rally on Wednesday following a major supply-side disruption in global metal markets. National Aluminium Company (NALCO) shares surged as much as 8% to Rs 418.95, while Hindalco Industries gained 2.7% to around Rs 1,080.60. The buying momentum came as global aluminium prices rose to a seven-week high in London.
The immediate catalyst behind the rally was an operational disruption at Norsk Hydro’s Alunorte facility in Brazil, one of the world’s largest alumina producers. The company said Alunorte had been forced to cut output to 50% of capacity after its natural gas supplier, CELBA, reported an unexpected supply disruption.
